Deduction u/s 57 for LIC agents

Dear Divya,

Ad hoc deduction to insurance agents -

The benefit of ad hoc deduction to Insurance agents of the Life Insurance Corporation having total commission (including first year commission, renewal commission and bonus commission) of less than Rs. 60,000 for the year, and not maintaining detailed accounts for the expenses incurred by them, may be allowed as follows :
 (i) where separate figures of first year and renewal commission are available, 50 per cent of first year commission and 15 per cent of the renewal commission;
(ii) where separate figures as above are not available, 331/3 per cent of the gross commission.
In both the above cases, the ad hoc deduction will be subject to a ceiling limit of Rs. 20,000.
The “gross commission” in (ii) above will include first year as well as renewal commission but will exclude bonus commission.
The complete amount of bonus commission is taxable and will be taken into account for purpose of computing the total income, and no ad hoc deduction will be allowed from this amount.
The benefit of ad hoc deduction will not be available to agents who have earned total commission of more than Rs. 60,000 during the year. The admissibility of the expenditure claimed by such agents will be decided by the Assessing Officers as per the provisions of the Income-tax Act.
—Circular : No. 648, dated 30-3-1993.

Thnx a lot..

please tell me which itr will be filed for such insurance agent and where the details of first commission, renewal commission etc will be filled. also tell me about if commission is more than Rs. 60000/-

ITR 4 will have to File for Insurance Comission and Insurance Commision is More than 60000 then Actual Expenditure have To Claim

Dear all

The LIC agent is working from Home which is owned by mother of the LIC agent.

Now while computing taxable income of this agent (commission is more than Rs. 60000) can Electricity, Telephone and society bills paid from the agent's account claimed as actual expenditure incurred.

Please guide.

If Home is owned by LIC agent's mother, the agent can claim the expeneses as he is working from home and those expenses can be taken as expenses earned for generation of the income...so he can claim the expenses proportinatly related to his work.

Hi

Please can any one tel me the calculation part of  deduction for LIC agents with an example?

Hi

Please solve my Query..

An Individual who's income from

LIC - 17839

short term capital gain - 6828

long term capital gain - 426

Business income- he's gross receipts = 1545750, but he does not maintain books of accounts.

Se plz tell me how i should file his return.

FILL ITR4 NECESSARY TO PREPARE P&L A/C AND BS

Dear Samir,

Mr. Mohsin clearly mentioned in his query that he does not maintain books of accounts then how he can prepare P&L and Balance Sheet please reply.

sir pls tell me meanings of seperate figure available or not.